Action on Highseas Vyapaar
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 27 companies. The affected entities are listed in the press release, and the cancellation date for all is 03 July, 2018. As a result, these companies are barred from transacting the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act, 1934.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration of 27 companies. The release lists each affected company and their CoR cancellation date as 03 July, 2018. Following cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a full operating prohibition for the affected NBFCs, which falls in severity 5.
All 27 listed companies lose their authority to conduct NBFC business. They must cease non-banking financial institution საქმიანity immediately and cannot accept or continue such business operations under the cancelled registration.
Published as Sai Mudra Finance Private Limited
Published as Swati Capitals Private Limited
Published as Jagnar Leasing & Finance Private Limited
Published as Varnilam Investments & Trading Company Limited
Published as Vinadeep Investments Private Limited
Published as Azad Finance & Trading Investment Limited
Published as Subway Finance & Investment Co. Limited
Published as Nishant Finance Private Limited
Published as Profit Plus Grains Trading Private Limited
Published as Kuber Capital Services Private Limited
Published as Medows Investments Private Limited
Published as Rathi Brothers Private Limited
Published as Prize Leasing & Finance Private Limited
Published as Highseas Vyapaar Private Limited
Published as Accredut Finance & Investments Private Limited
Published as RNP Finance India Limited (Formerly Masart Finance Company Limited)
Published as Lotus Viniyog Private Limited
Published as Sea Wind Investment & Trading Co. Limited
Published as Sheiladeep Investments Private Limited
Published as Eben Securties & Leasing Limited
Published as Plasticotes Investments Private Limited
Published as GSTAAD Investment & Finance Private Limited
Published as Shree Ankleshwar Commercial Company Limited
Published as Farohar Investments & Trading Private Limited
Published as Rima Holdings Private Limited
Published as Easy Finance Private Limited
Published as Sidhashwar Commercial Limited (Presently known as Sidhashwar Commercial Private Limited)